Matahari Department Store Plans to Open 5 New Outlets This Year

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05/03/2019 10:14 WIB

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Matahari Department Store plans to open five new large-format stores this year, but will close two existing stores.

Number of Matahari Department Store Outlets (2010-2019E)

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Matahari Department Store Plans to Open 5 New Outlets This Year

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Number of Matahari Department Store Outlets (2010-2019E)

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The shift in consumer shopping habits from offline to online has impacted the performance of shopping mall operators. One example is PT Matahari Department Store Tbk (LPPF), where net profit in 2018 plummeted 42% to Rp 1.1 trillion from the previous year.

To survive, Matahari Department Store implemented efficiency measures last year, closing 3 underperforming outlets while simultaneously expanding with the opening of 7 new outlets (4 large-format stores and 3 specialty stores). This resulted in a total of 159 outlets by the end of 2018.

This year, LPPF plans to open 5 large-format stores, but will close 2 existing outlets. Therefore, by the end of 2019, it will have 162 outlets with a total area of 1 million square meters.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."